Last I spoke with 'em (which, admittedly, was a while back) they were still working through some issues but were still intending to continue.
They had one of their Advisory Board step down.
There are always (ALWAYS) issues associated with costs of production, some of which are offset by advertising and some by readership.
There are issues associated with distribution channels.
There are also issues with being able to keep a solid flow of quality articles. WMA is very niche.
There are some other things too. The editor isn't doing this as his full time job so he still has to make a living, has a family, etc.
WMAI isn't the first western arts oriented magazine. I know of at least one other. It was a one-man operation and the editor eventually gave up, mostly because it takes sooooo much time and effort with little payback. He used Lulu to publish so the stuff is still available:
Live Steel Magazine
Peace favor your sword,
Kirk